Friends
The bulls weren’t able to follow through on yesterday’s brief momentum. Perhaps Fed Chair Powell’s comments while being questioned on a panel full of Central Bankers took the wind out of the sails of the bulls. Basically, the Fed Chair hinted that a couple more rate hikes are almost certain to happen in the coming months. And he reiterated the higher for longer mantra which he has been chanting for some time now.
Whatever the case, market participants were uninspired. For the day, the Dow Jones Industrial Average was down 74 points to close at 33,852. The S&P 500 was down 1 point to finish the day at 4,376. The Nasdaq was up 36 points to close at 13,591. Gold was down $4 to trade at $1,919 per ounce, while oil was up $1.63 to trade at $69.33 per barrel WTI.
Just 2 more days left in the 2nd quarter. Let’s see whether the bulls or the bears have anything left as we inch towards the finish line.
Have a nice evening everyone.
